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Mendoza's statement on this is linked here.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Payments to pensions take precedence? Begs the question: Does the state make multiple payments over the year into the pension system or do they do one lump sum?
Let me see if I have this correct, the state doesn’t pay all its bills timely and it has a backlog that has probably averaged in the six to 8 billion dollar number and this is been going on for a decade I believe. And what a nice scheme it is because it enables insiders to create firms to pay vendors what they’re due timely and probably at a decent discount. And these newly created vendor assistance firms are run by people who have long time ties to Illinois power like Edgar and Quinn and Madigan and Danny Solis’ sister!… Read more »
You are right on the money, sir. Bravo!
astounding, and once again why isn’t suntimes publishing the solis affidavit? what is st hanging on to and what for?
Oh– i see these are the suntimes writers, so why is this story coming out in wbez?? The mystry continues..